Word: present
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Dates: during 1960-1969
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...area began to take on its present character in the late 1880's when Professor Channing Eliot Norton, then owner of the Shady Hill estate, subdivided much of the land surrounding it into 10,000 acre lots and sold them to Harvard professors, who then settled down and built the stately homes that now line Francis Ave. and other streets near the site. The six acres now known as Shady Hill remained in private hands until 1948, when Harvard purchased them...
This association's membership is, to say the least, distinguished. Among those present at the organization meeting were critic Howard Mumford Jones, French Chef Julia Child, Mrs. John Kenneth Galbraith, Reginald H. Phelps '30, director of University Extension, and Edward T. Wilcox, director of General Education. All of them live within a block or two of the Shady Hill site...
...sentiment of the meeting was clear on two points: most of those present were willing to accept some housing on Shady Hill, but aimost none wanted to see as much as 300 units there. "We should realize that the Sachs Estate has stayed empty for about as long as it's going to in a city like Cambridge which is so short of land," one man said, while another commented, "I think 300 units is out of sight as far as mobs of people are concerned...
...problem is that the authority has just been established, has not financed any projects to date, and when it does, may require higher interest rates than it would have a few years ago. Present high interest levels, a flooding of the tax-exempt bond market by new issues, and investors' uncertainty of what the current tax reform proposals will do for tax-exempt bonds have all contributed to drive up the rate on this kind of bond. "We'd like to talk about five per cent, but we're forced to talk about seven per cent. When you're trying...
...present, Harvard is concentrating on cutting construction costs, hoping that the state authority will soon be underway and able to finance construction at an interest rate which will permit rents to be set low enough for most junior faculty members...